The Nation - News from Sept. 11, 1988

Despite having formally withdrawn his $165-million offer for PTL, Jim Bakker met with financial advisers to look for a way to salvage his effort to purchase the ministry he founded and lost after a sex scandal. Late Friday night, Bakker advised bankruptcy trustee M.C. (Red) Benton that he was withdrawing his bid for PTL because he has been unable to prove to trustees that he has the funds to buy the bankrupt ministry. But Bakker said he’s “not giving up.” “I believe in a God of the second chance,” he said. Bakker still can submit a new buyout plan directly to U.S. Bankruptcy Judge Rufus Reynolds.